On July 1, 2020, Academic Learning Services entered its second month of operations. On July 31, 2020, Breanne Allarie, the owner, finalized the company's records that showed the following items.

Accounts payable$2,650Accounts receivable4,300Cash3,900Computer equipment4,500Furniture4,100Breanne Allarie, capital, June 30, 2020*16,600Office rent expense4,800Owner's investments during July 20203,500Owner's withdrawals3,300Supplies2,200Textbook rental revenue530Tutoring revenue6,500Tutors' wages expense1,770Utilities expense910

*Hint: The ending capital balance for one period is the beginning capital balance for the next period.

Use the above information to prepare a July income statement.

Analysis Component:

What activities caused equity to increase during the month of November 2020?(You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)

• Investments in assets by Jean Higgins.
• unanswered
• Profit earned during the month.
• unanswered
• Withdrawals by Jean Higgins.
• unanswered
• Change in accounts receivable.
• unanswered
• Sale of automobiles.